Some people end up getting into lawsuits due to non-compliance with contracts and agreements. The financial and mental strain of dealing with such cases is often burdening. Imagine having to pay penalties just because you overlooked some part of the rental laws or agreement?
Infuriating, isn’t it? Some states in the US make it a point to enforce laws more stringently than others. This is why, before jumping into signing a rental lease agreement, make sure you have thoroughly read the terms & conditions, negotiated on them, and had a conversation with your attorney to discuss any flaws or any disputable issues stated in the agreement.
Well, rights are equally important for both the landlord and the tenant. Not just the terms & conditions of a lease, but how a landlord handles the leasing process also impacts the rental income and a successful tenancy. With a more significant interest and asset involved, here are some tips for you to safeguard your interests while engaging in conversations with potential tenants and finalizing a New Jersey residential lease agreement terms:
Respect the Time
Timing matters a lot while signing a lease agreement. It is imperative to know that bringing a tenancy agreement with you during a property tour can be a mistake. Without it, you can save yourself from pitfalls and will have the time to conduct a tenant’s background check. Problematic tenants are often seen rushing into the process by offering to rent on the spot. This could be a ploy that can be avoided by learning more about their rental history before signing the agreement.
Have a Legal Review
Make sure to get your lease document reviewed by a lawyer before signing them. Try sticking to suggestions and don’t allow the tenant to make changes in the terms & conditions or modify the lease without having a legal expert review it. A tenant not liking a provision in the lease could be a disqualifying factor. The rental lease agreement in New Jersey must be customized with the tenants’ name and terms for tenancy. Make sure to not modify the provisions of the agreement at the last minute or without seeking legal advice.
Once the lease is signed, you must continue to resist any change. Better have a provision prohibiting subsequent modifications unless the change is legally reviewed and agreed to by both parties. This prevents misunderstandings and is useful when enforcing a lease.
Mark the Calendar
Before filing the lease agreement, note down the important dates. This may include timings of routine property inspections. Not mentioning these inspections in the contract or ignoring them gives an impression of the landlord being an absentee. Similarly, be careful with the renewal dates and discussions that must ideally take place 60 days prior to the expiry date of the agreement.
Be thorough with the papers
The tenancy agreement may contain many pages, including attachments. Number the pages, using a style like Page _of _. Keep a check if attachments in the lease agreement are mentioned in the body to avoid any confusion on the content and exclusion of essential provisions as a tenant may deny rules not stated in writing.
Make it a point never to accept digital signatures. However, there could be a rare case where you’ve thoroughly discussed the particulars of the agreement with the tenant. Verifying the tenant’s signature is lesser of an issue, but not knowing if the tenant has read the lease agreement can add to problems. A tenant is most likely to meet the terms of the rental agreement if s/he has read the provisions and understood their capacity to enact.
Smart landlords are those who understand that the best way to safeguard their investment and interests from potential tenant trouble is by creating a comprehensive rental lease agreement stated by the law. Lastly, when in doubt, don’t hesitate to reach out to an experienced attorney for legal help, for they know the best practices in your state!